Kotak Mahindra Bank launches Facebook based money transfer service in India, named KayPay. KayPay is the world’s first bank-agnostic payment product for Facebook users to send money to each other in an instant and 24×7.
Send money to your Facebook friends instantly for Free
The very first time ever millions of bank account holders can now transfer money between Facebook users at any time, whether it’s day or night, without knowing the bank account details of the payee and without internet banking services.
KayPay enables over 250 million Indian bank account holders to transfer funds to each other instantly by just choosing recipients from their Facebook friends list.
KayPay is an innovative service launched by the Kotak Mahindra bank, with this service any person having a Facebook account can easily transfer funds to his/her Facebook friend immediately and this service is absolutely free.
How to transfer money via Facebook
At present, a sender can initiate fund transfer to any person through mobile phone, courtesy the IMPS (Immediate Payment System) infrastructure.
The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service, and there will be no charges for either sending or receiving the money.
As a one-time process, users need to register their existing bank accounts, on www.kaypay.com or Facebook.
Once registered, the sender can initiate transactions, and if the beneficiary is not registered on KayPay, he will be directed to a page to register for completed a transaction.
KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication – Facebook user id & password and a One Time Password (OTP). Moreover, both sender and receiver immediately receive notifications via SMS and on Facebook about the completion of the transfer.
Limit on Transaction
Kotak Mahindra Bank has set a limit of Rs 2,500 per transaction and a total of Rs 25,000 a month for sending and receiving.
Kotak Mahindra launches Facebook based money transfer service
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